Bangchak Petroleum expects revenue to rise in 2nd quarter

Bangchak Petroleum PCL of Thailand announced that second quarter revenue should increase due to an expansion in refining capacity utilization.  The company recently expanded the capacity of its refinery from 63,000 barrels per day (bpd) to 120,000 bpd.  Vichen Usanachote, vice president for the refinery business, says he expects to see  gross refining margin to rise to US$5.50 to $6.50 per barrel for the year.  Usanachote also indicated that the company is actively diversifying into several new areas, including solar-powered plants and ethanol.  Revenue for the first quarter of 2011 was THB 35.76 billion (US$1.2 billion) versus THB 32.96 billion (US$1.1 billion) in the second quarter of 2010.  Surachai Kositsareewong, executive vice president for accounting and finance, said the company expects to spend THB 6 billion (US$201.2 million)  in capital expenditure in 2011, most of which will go toward funding the second phase of the new solar farm.  (June 3, 2011)